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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Brent slightly down as shale production takes centre stage

14 Nov 2017 09:34 GMT

By A/S Global Risk Management.



In the Middle East, Saudi Arabia signalled that it wanted to raise security at its crude facilities as an oil pipeline between Saudi Arabia and Bahrain allegedly was fired upon. This event could contribute to escalating the current tensions between Saudi Arabia and Iran, which has spurred since a missile was fired at Riyadh Airport earlier this month.

Baker Hughes presented their rig count last week showing an increase of 9 rigs, which more than offsets the decline the week before that. The increase in rigs is likely a natural effect of the current price level and is likely to persist as long as prices remain at current levels. Lately, crude oil production in the U.S. has increased remarkably reaching levels not seen for years. But global demand seems strong and Saudi Arabia has cut its exports of crude. Especially exports to the U.S. have experienced sharp cuts, which for October meant that exports were the lowest for 30 years at 525 kbpd.

Currently the price seems to stay above the 60$ mark as the price likely have to close below 62 before a downtrend seems consistent.

For now, the EIA - US crude production figures and the Baker Hughes rig count seems as the figures to watch in the weeks to come. Furthermore, the OPEC meeting in Vienna is approaching and is viewed upon as a key event as the production cut deal is looking to be prolonged. Right now, it seems that the market is quite uncertain of what to expect about the period of time the deal will be prolonged, which is why the meeting will be closely followed.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.


Image: Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management




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